Corporate Announcement

A big share of the National Pension System's funds of Rs 808 bn is set to move to a new exchange traded fund of state-run companies that could be launched in a month, targeting retirement funds.

Union Finance Minister Arun Jaitley today said he was confident that Goods and Services Tax regime would come into force from April 2016.

The dispute resolution panel (DRP) has sent notices to about 30 foreign institutional investors (FIIs) who had appealed against the Minimum Alternate Tax (MAT) demand.

The government has cleared 21 foreign direct investment (FDI) deals worth Rs.2810 mn.

In a bid to increase participation in the stock lending and borrowing (SLB) market, National Stock Exchange will introduce the rollover facility under this facility from today.

Country's textile and garment exports registered an almost flat growth at USD 41.4 billion in FY 2014-15, against USD 40.8 billion in the previous fiscal, falling short of USD 45 billion target for the year.

After finally notifying the mineral auction rules, the government is now planning to bring fresh mining exploration rules separately.

The Delhi High Court asked Coal India Ltd (CIL) how it was offering coal from two Chhattisgarh mines to NTPC when it had cited production issues to cancel an e-auction of 49,000 metric tonnes (MT) of the mineral, mined from the same area, which was won by JPL.

State-owned Indian Oil Corp (IOC) will invest Rs 10bn for raising its stake in Chennai Petroleum Corporation Ltd BSE 19.98 % (CPCL), which will use the money for expanding operations.

Mahindra & Mahindra unveiled an updated version of its sports utility vehicle XUV500, with the price starting at Rs 1.12 mn(ex-showroom Delhi).

The two-wheeler unit that TVS Motor helped set up in Uluberia, West Bengal, is witnessing a problem between its two promoters. The promoters of the company that owns the factory wants TVS Motor to take over the entire facility. However, TVS Motor, which entered into a technical collaboration with those promoters, has stated it is not interested in a takeover.

GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, has acquired 10 per cent equity stake in Delhi International Airport Pvt. Limited (DIAL) from Malaysia Airports (Mauritius) Private Limited (MAMPL), thereby increasing the stake to 64 per cent.

TVS Srichakra Ltd plans to invest Rs.1500 mn in capacity expansion this year as it bets on replacement demand for two-wheeler tyres.

ICICI Bank has launched a voice recognition service, which can identify and authenticate a customer, based on his voice. This will spare the customer the task of remembering his account and personal details and passwords.

 

Maruti smartens up to attract premium buyers. It is building new showrooms called Nexa for high-end cars; experts don't expect volumes to be high initially.

 

Future Consumer said it had agreed to acquire the personal care business of Grasim. The business, which has a turnover of close to Rs 10 Cr a year, includes Kara wet wipes and allied products such as Puretta, Handys, and Prim.

 

Govt. has cleared foreign investment proposals of single brand retailers Forever, Mont Blanc, Oliver Fashion and 19 others worth nearly Rs.281 Cr. FIPB cleared Montblanc Services Blank, Netherlands and Titan Company's proposal to set up a joint venture company for retailing of `Montblanc' products.

An arbitral tribunal has told DLF, to pay Rs.50 Cr as compensation to a private firm for failing to honour an agreement to build a commercial property in Gurgaon.

 

JMT Auto gets shareholders’ nod for sub-division of equity shares in 1:5 ratio. 

Bank of India launched three cards in partnership with US-based MasterCard. The three cards -- Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard — offer a range of banking solutions to enrich customer’s payment experiences.